Short answer
Hiring is usually cheaper if you will only wear the suit once, while buying costs more upfront but can be cheaper over time if you wear it again. Compare the full hire price against the price of a suit you would buy for other occasions.
Hiring saves money when the suit is a one-off use. You pay for a set period and return it, so there is no long-term cost or storage to worry about. This is ideal for a suit you would not otherwise own, such as a morning suit or a very formal tailcoat.
Buying costs more at first, but you own the suit forever. If you will wear it to other weddings, work events or formal dinners, the cost per wear drops quickly. A well-made suit in a neutral colour like navy, charcoal or mid-grey works with many outfits and occasions.
Factor in the hidden costs of each option. Hire prices may exclude shoes, shirts or alterations, and late returns can add charges. Buying means dry cleaning, repairs and eventually replacing worn items.
Think about fit as well as price. A cheap off-the-peg suit that needs heavy alterations may end up costing as much as a better-quality hire. Try on both hire and buy options to see which looks and feels right for your body shape.
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